Suffredin- For a Better Cook County  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
  Last year more people used the County's forest preserves than visited Yellowstone National Park.
   
     
     
     



Another day, another credit rating downgrade

Thursday, August 29, 2013
Crain's Chicago Business
by Paul Merrion

Citing the state's "legislative paralysis" on pension reform, the credit rating of Cook County Forest Preserve District was lowered two notches Thursday, with a negative outlook.

The district's credit rating now stands at A1, same as Cook County, which Moody's Investors Service noted is governed by the same commissioners who oversee the Forest Preserve District. An A1 rating is four notches below Aaa, Moody's highest possible rating.

The Wall Street credit rating agency said the downgrade reflects growing pension liabilities as contributions by employees and the district fall short of the required amount to pay future benefits.

Since early June, Moody's has lowered the credit rating of the Metropolitan Water Reclamation District of Chicago; Cook County; the City of Chicago; state universities; and the state of Illinois.

The Forest Preserve District's pension plan reported an unfunded liability of $100.6 million eight months ago, but Moody's said that using more conservative assumptions about interest rates and investment returns would put the pension liability at $244.8 million last year.

"The Forest Preserve District of Cook County, like other agencies, is a product of our local environment," Mark Thomas, the district's chief financial officer, said in a statement. "Every local taxing body is being affected by the pension crisis and the inability to act without state legislation — we are the latest casualty of the state's inaction."

"While we appreciate Moody's careful consideration of our financial position, we disagree with their decision to downgrade our rating to A1 from Aa2," he continued. "We believe that this double downgrade does not convey a complete understanding of the relationship between the Forest Preserve District and Cook County. It's also important to note that Moody's had strong praise for the Forest Preserves, citing our healthy financial operations, sound reserve levels, strong fiscal management, low debt burden and retained financial and operating flexibility.

"Nevertheless, Forest Preserve District and Cook County Board President Toni Preckwinkle continues to urge the pension conference committee to work swiftly to address the state's pension systems so the General Assembly can turn its attention to local funds like the Forest Preserves that are in need of comprehensive pension reform."

The rating change affects about $188 million of the Forest Preserve District's general obligation debt.



Recent Headlines

Preckwinkle counters IG report on Cook hospitals, says system continues 'to reform and modernize'
Thursday, May 17, 2018
Chicago Tribune

Clerk Brown, vendors discuss e-filing users’ first steps in Cook County
Wednesday, May 16, 2018

Wilmette to reconsider adopting Cook County minimum wage, sick time laws next month
Wednesday, May 16, 2018
Chicago Tribune

Bill to keep pregnant women out of jail while they await trial reaches governor's desk
Tuesday, May 15, 2018
Chicago Tribune

2018 ASIAN AMERICAN PACIFIC ISLANDER HERITAGE MONTH OBSERVANCE MAY 01 – MAY 31, 2018
Tuesday, May 15, 2018
Special to suffredin.org

Inspector general: Cook County hospitals lost roughly $165 million due to widespread errors
Tuesday, May 15, 2018
Chicago Tribune

3 Cook County police vehicles damaged in Oak Forest crashes
Sunday, May 13, 2018
Daily Southtown

Seattle Soda Tax Revenue Is Exceeding Projections
Friday, May 11, 2018
Governing Magazin

Facebook: Cook County data mining lawsuit designed to benefit only county government, its hired lawyers
Thursday, May 10, 2018
Cook County Record

Cutting court interpreters threatens due process rights, even victim safety, union says
Thursday, May 10, 2018
Chicago Reader

Assessor’s Office new residential property assessment model unveiled for Tax Year 2018 reassessment
Wednesday, May 02, 2018
Special to suffredin.org

CEDA scholarships
Tuesday, May 01, 2018
Special to suffredin.org

County’s ‘Scavenger’ Sale To Boost Blighted Neighborhoods
Tuesday, May 01, 2018
WBEZ Public Radio

Cook County selling nearly 3,200 vacant lots to encourage redevelopment
Tuesday, May 01, 2018
Chicago Tribune

Cook County property owners with past-due tax bills could face steeper payments after Friday
Monday, April 30, 2018
Chicago Tribune

Cook Sheriff: Backpage, attorneys owe Cook County for 'hoax' suit over sheriff's credit card squeeze
Friday, April 27, 2018
Cook County Record

Two Cook County branch courthouses could close in budget cuts that followed pop tax repeal
Thursday, April 26, 2018
Chicago Tribune

Western Springs Board votes to follow county ordinance, raising minimum wage to $11 this year
Tuesday, April 24, 2018
Pioneer Press

Mother files complaint, says while she was at Daley Center for jury duty, staff sent her to men’s room to pump breast milk
Monday, April 23, 2018
Chicago Tribune

Challenge to filing fee has some worth
Monday, April 16, 2018
Chicago Daily law Bulletin

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP